The global wool worsted yarn market size is expected to gain momentum owing to the increasing demand for wool yard-based garments during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Wool Worsted Yarn Market, 2023-2030.” Growing demand for garments made from wool yarn fabric and also used to manufacture products like blankets and furniture covers. Moreover, demand for new furniture categories like indoor and outdoor furniture products is expected to drive the demand for this market. For instance, according to the Federal Reserve Bank of St. Louis, in 2020, in the US, home furniture sales increased by 2.1 %.
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What does the Report Offer?
The report examines the market for wool worsted yarn based on key market trends, key strategies of manufacturers, and key player’s recent development. The report provides covid-19 impact on the suppliers and overall market. It gives information on region wise market reports. It is evaluated using various methods, including Porter’s five forces analysis, market attractiveness analysis, and value chain analysis.
Drivers & Restraints-
Increasing Consumer Trends to Stimulate Growth
The global wool worsted yarn market growth is expected to grow due to the rising demand for wool during the projected period. Home-based knitting and sewing activities and innovative yarn-based products by various small-scale companies are likely to attract the customer’s attention, positively impacting the market. For instance, in 2019, SPINRITE YARN ONLINE sold pre-looped, needleless yarn and heat-generating products in the US. Additionally, increasing trends in fashion apparel and accessories are also contributing to the market expansion.
Segments-
By product type, the market for wool worsted yarn is segmented into merino wool, cashmere wool, Peruvian highland wool, and others. On the basis of application, the market is segregated into apparel, upholstery, blankets, and others. On the basis of distribution channels, the market is categorized into offline and online. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
REGIONAL INSIGHTS
Increasing Demand for Wool to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global wool worsted yarn market share during the forecast period. The decline in prices of yarn material leads to increasing demand in the market in countries such as India and China. Moreover, the disposable income of the population and the increasing trend of interior décor at home is anticipated to boost the market in the region.
Europe is expected to have a sizable share of the market. This is due to increasing demand in the fashion industry and import activities of furniture covers to drive the market. For instance, according to the CBI Ministry of Foreign Affairs, total import value of garden furniture in Europe has increased from USD 523.30 million in 2014 to USD 584.78 million in 2018.
Competitive Landscape-
Manufacturers Focus on R&D Investments to Strengthen their Position
The market is fragmented due to the presence of the unorganized sector, and local manufacturers. Several players in the market are focusing on urbanization in various regions. To obtain a competitive edge, competitors in the market concentrate on product design innovation.
Industry Development-
- January 2020: SuedWolle Group Italia, a popular wool yarn maker, teamed up with Itochu Corporation Limited to develop eco-friendly, recycled polyester fiber blended worsted yarns.
List of Key Players Profiled in the Global Market for Wool Worsted Yarn:
- Laxtons Limited
- SuedWolle Group Italia
- Indorama Ventures Public Company Limited
- Suripi Textiles
- Sharman Woollen Mills Ltd
- Jainson Hosiery Industries
- Shanghai Kunlei Wool
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